Electronic layaway

Abstract

The present disclosure describes devices and methods for facilitating specific transactions between a seller and a purchaser. In particular, a computing device, an accounts database, and a network interface are disclosed. In some embodiments, the specific transaction is a layaway transaction. The computing device receives a request to facilitate the transaction between the seller and purchaser. The computing device sets up a layaway deposit account for the transaction, facilitates funding of the account, and finalizes the transaction in response to a condition being met.

What is claimed is: 
     
       1. A provider computing system, comprising:
 an accounts database; and 
 a processor and program logic stored in memory and executed by the processor, the program logic including electronic layaway logic configured to:
 receive, from a merchant computing system of a merchant, an initiation request related to a layaway transaction, wherein the initiation request comprises information associated with the transaction, information associated with a user, and a final date; 
 in response to receiving the initiation request, automatically facilitate initiation of a layaway deposit account, wherein the layaway deposit account is unique to the transaction, wherein facilitating initiation of the layaway deposit account comprises:
 determining that the user has a customer profile in the accounts database; 
 automatically associating the layaway deposit account with the customer profile; 
 generating rules that govern the deposits and withdrawals of the layaway deposit account; and 
 associating the rules with the layaway deposit account; 
 
 facilitate funding of the layaway deposit account, wherein facilitating funding of the layaway deposit account comprises:
 receiving, from an automated teller machine (ATM), funding information comprising a funds deposit amount, wherein the funds deposit amount complies with the rules associated with the layaway deposit account; and 
 allocating the funds deposit amount to the layaway deposit account; and 
 
 
 finalize the transaction by releasing funds in response to a condition being met. 
 
     
     
       2. The system of  claim 1 , wherein facilitating initiation of the layaway deposit account further comprises:
 providing funding options to a graphical user interface; 
 receiving funding preferences based on selections on the graphical user interface; 
 receiving funds for the layaway deposit account; and 
 in response to receiving the funds, automatically allocating the funds to the layaway deposit account. 
 
     
     
       3. The system of  claim 1 , wherein the condition is that the funds in the layaway deposit account are equal to a goal of the layaway transaction. 
     
     
       4. The system of  claim 1 , wherein the condition is that the final date has been reached, and wherein an amount of funds in the layaway deposit account are returned to the user minus a previously agreed-upon service fee, the previously agreed-upon service fee being released to the merchant. 
     
     
       5. The system of  claim 4 , wherein the amount of funds in the layaway deposit account is transferred to a checking account of the user. 
     
     
       6. The system of  claim 1 , wherein the condition is that an amount of funds in the layaway deposit account is sufficient for the transaction. 
     
     
       7. The system of  claim 1 , wherein finalizing the transaction comprises closing the layaway deposit account after all funds in the layaway deposit account have been removed. 
     
     
       8. The system of  claim 1 , wherein facilitating funding of the layaway deposit account further comprises:
 determining that the merchant received a down payment from the user; and 
 automatically funding the layaway deposit account with an amount of funds equal to the down payment. 
 
     
     
       9. The system of  claim 1 , wherein facilitating funding of the layaway deposit account further comprises:
 receiving a request to invite a first person and a second person to contribute to the layaway deposit account, wherein the request comprises contact information for the first person and the second person; 
 generating a first token for the first person and a second token for the second person; and 
 transmitting the first token to the first person according to the contact information of the first person and the second token to the second person according to the contact information of the second person. 
 
     
     
       10. The system of  claim 9 , wherein the first token is a proxy for the layaway deposit account and the second token is a second proxy for the layaway deposit account. 
     
     
       11. A system, comprising:
 a graphical user interface (GUI); 
 a processor and program logic stored in memory and executed by the processor, the program logic including electronic layaway logic configured to:
 receive, from a merchant computing system of a merchant, an initiation request related to a layaway transaction, wherein the initiation request comprises information associated with the transaction, information associated with a user, and a final date; 
 in response to receiving the initiation request, automatically facilitate initiation of a layaway deposit account, wherein the layaway deposit account is unique to the transaction, wherein facilitating initiation of the layaway deposit account comprises:
 generating rules that govern the deposits and withdrawals of the layaway deposit account; and 
 associating the rules with the layaway deposit account 
 
 facilitate funding of the layaway deposit account, wherein facilitating funding of the layaway deposit account comprises:
 receiving funding preferences from the GUI; 
 receiving, from an automated teller machine (ATM), funding information comprising a funds deposit amount, wherein the funds deposit amount complies with the rules associated with the layaway deposit account; 
 facilitating the funding preferences; and 
 allocating received funds to the layaway deposit account; and 
 
 finalize the transaction by releasing funds. 
 
 
     
     
       12. The system of  claim 11 , wherein facilitating initiation of the layaway deposit account further comprises:
 determining that the user has a customer profile in the accounts database; and 
 automatically associating the layaway deposit account with the customer profile. 
 
     
     
       13. The system of  claim 11 , wherein the processor and program logic are further configured to:
 finalize the transaction by releasing the funds in response to a condition being met; and 
 wherein the condition is that the funds in the layaway deposit account are equal to a goal of the layaway transaction. 
 
     
     
       14. The system of  claim 11 , wherein the processor and program logic are further configured to:
 finalize the transaction by releasing the funds in response to a condition being met; and 
 wherein the condition is that the final date has been reached, and wherein an amount of funds in the layaway deposit account are returned to the user minus a previously agreed-upon service fee, the previously agreed-upon service fee being released to the merchant. 
 
     
     
       15. The system of  claim 14 , wherein the amount of funds in the layaway deposit account is transferred to a checking account of the user. 
     
     
       16. The system of  claim 11 , wherein the processor and program logic are further configured to:
 finalize the transaction by releasing the funds in response to a condition being met; and 
 wherein the condition is that an amount of funds in the layaway deposit account is sufficient for the transaction. 
 
     
     
       17. The system of  claim 11 , wherein finalizing the transaction comprises closing the layaway deposit account after all funds in the layaway deposit account have been removed. 
     
     
       18. The system of  claim 11 , wherein facilitating funding of the layaway deposit account further comprises:
 determining that the merchant received a down payment from the user; and 
 automatically funding the layaway deposit account with an amount of funds equal to the down payment. 
 
     
     
       19. The system of  claim 11 , wherein facilitating initiation of the layaway deposit account further comprises:
 determining that the user is not a current customer of a provider associated with a provider computing system; 
 generating the layaway deposit account and an account number associated therewith; 
 automatically generating a new customer profile for the user; and 
 associating the layaway deposit account with the new customer profile. 
 
     
     
       20. The system of  claim 11 , wherein facilitating funding of the layaway deposit account further comprises:
 receiving a request to invite a first person and a second person to contribute to the layaway deposit account, wherein the request comprises contact information for the first person and the second person; 
 generating a first token for the first person and a second token for the second person; and 
 transmitting the first token to the first person according to the contact information of the first person and the second token to the second person according to the contact information of the second person.